Latest Money Laundering News: Finextra Research

Virtual currency industry preps self-regulatory organisation

With virtual currencies such as bitcoin catching the eye of governments, several firms in the field have banded together in a bid to create a self-regulatory organisation covering the nascent industry.

30 July 2013

News/Money Laundering

US charges Liberty Reserve over $6bn money laundering scam

Liberty Reserve has been shut down and its founder arrested over claims that the digital currency outfit was used by crooks to launder more than $6 billion.

29 May 2013

News/Money Laundering

UK civil servants ponder bitcoin threats - FT

UK government officials met yesterday to discuss the security and tax implications of virtual currency bitcoin, according to the Financial Times.

14 May 2013

News/Money Laundering

Bitcoin exchange TradeHill boosts security with miiCard

Recently-reopened US bitcoin exchange Tradehill has moved to beef up its security through a partnership with online identity verification start-up miiCard.

02 May 2013

News/Money Laundering

US ready to give spy agencies full access to financial records - Reuters

The US government is drawing up plans that would give the country's spy agencies full access to a database containing details on all suspicious customer activity reported by banks, according to Reuters.

14 March 2013

News/Money Laundering

After six weeks, credit card payments return to the Vatican

Visitors to the Vatican City can once more use their credit cards for purchases and ATM withdrawals, following the end of a six week ban over money laundering concerns.

13 February 2013

News/Money Laundering

JPMorgan Chase slammed by regulators for control failings after botched derivatives bet

JPMorgan Chase has been sanctioned by US regulators for failures in its risk management operations after it lost more than $6.2 billion on a single credit derivatives trade.

15 January 2013

News/Money Laundering

Vatican card payments suspended over AML concerns - reports

The Bank of Italy has suspended all card payments in the Vatican until further notice over a failure to implement anti-money laundering law, according to local press reports.

03 January 2013

News/Money Laundering

Standard Chartered set for $330m Iran sanctions settlement

Standard Chartered says it expects to pay $330 million to settle with US regulators for breaching sanctions against Iran.

06 December 2012

News/Money Laundering

Sanctions screening costs doubling every four years - Swift

The operational costs of sanctions compliance to financial services firms is doubling every four years, according to data compiled by interbank co-operative Swift.

27 November 2012

News/Money Laundering

Moneygram pays $100m to settle wire fraud charges

Moneygram has agreed to pay $100 million to settle US charges that it criminally aided and abetted wire fraud and failed to maintain an effective anti-money laundering programme.

20 November 2012

News/Money Laundering

US govt's pre-paid declaration plans questioned

The feasibility of US government plans that would require travellers to add pre-paid card balances to declaration reports when they cross borders have been called into question.

30 October 2012

News/Money Laundering

BitInstant confirms Bitcoin card plans

Virtual currency transfer provider BitInstant has confirmed that it intends to launch a Bitcoin debit card within the next two months, despite MasterCard recently denying its involvement in the project.

23 August 2012

News/Money Laundering

Standard Chartered shares tumble on Iran allegations

Shares in Standard Chartered fell more than 20% in morning trading after a US regulator accused the bank of falsifying thousands of Swift wire payment directions to help hide $250 billion in transactions linked to Iran.

07 August 2012

News/Money Laundering

FSA fines Coutts £8.75m over AML failings

Coutts, the private bank owned by RBS, has been fined £8.75 million by the Financial Services Authority (FSA) for anti-money laundering systems and controls failings.

26 March 2012

News/Money Laundering

Citi slaps down Bank 2.0 rivals in Innotribe face-off

Financial heavyweight Citi has faced off a challenge to old-bank hegemony with a powerful display of its technological prowess that knocked the wind out of a room-full of Bank 2.0 innovation gurus and digital evangelists at an Innotribe session at Sibos in Toronto.

22 September 2011

News/Money Laundering

Ocean Bank fined $11m over AML failings

Florida-based Ocean Bank has been fined nearly $11 million for "wilfully" failing to establish an anti-money laundering (AML) programme.

25 August 2011

News/Money Laundering

RBI Committee calls for national switch to EMV

The Reserve Bank of India has published a host of recommendations for improving bank customer services, including the establishment of a shared Know-Your Customer database, the introduction of multi-factor authentication for Internet transactions and a nationwide switch to Chip and PIN-based EMV cards.

05 August 2011

News/Money Laundering

Banks found to be putting profits before risk in FSA money laundering review

The Financial Services Authority is ready to launch a crack-down on bank anti-money laundering practices after finding serious weaknesses in banks' systems and controls and a willingness to turn a blind eye to profitable business relationships with high-risk customers and regimes.

23 June 2011

News/Money Laundering

UK govt looks to soften AML penalties for businesses

The UK government is planning to scrap a raft of criminal penalties for firms that fail to use proper systems and controls for fighting money laundering.

09 June 2011